Robinhood – Free Stock Trading Review

Don’t allow Robinhood to entice you with their $0 fee schedule. Robinhood is a fairly new trading company that was started in 2014. The only way to open an account with them is online via a mobile device (tablet, iphone, etc). They sucker people into opening an account by offering $0 trade fees, but they are very quick to charge customers a $30 fee when your bank does not automatically allow them to withdraw money. | I had an account with them for less than 2 weeks before I noticed something was wrong. I deposited a small amount the same day that I opened my account and selected the business that I wanted to buy stock from. Days passed before I received an email from Robinhood that my account had suddenly been deactivated due to a ‘stop payment’. (There was no actualy stop-payment made from my end; the problem was Robinhood wasn’t able to withdraw money from my account at their convenience). I contacted Robinhood to let them know that I had not initiated a stop payment and they gave me the run-a-round. I looked at my bank account and noticed that no money had even been withdrawn from my account. They promised to credit me with $30 as long as I made a $30 deposit (red flag #1) | I contacted my bank to let them know that something was wrong and that I had not initiated a stop payment. I found out that Robinhood had tried to withdraw money from my account without permission. They deactivated my account then when I tried to have it re-activated, they once again, gave me the run-around. They asked that I provide them with a current bank statement and a photo id. After I sent this to them via email, they YET AGAIN, gave me the run-a-around!! This time they asked that I print and sign a form stating that I was the owner of the account because the bank account and my id had 2 different names on the account, which is not true in the slightest!! The even asked that I have the form NOTARIZED!! (Why in the world would I go through all of this just to open a trading account?) My name is the only name on my bank account. It’s not shared with anyone else. | Anyway, I tried calling customer support to no avail then I emailed them. I let them know that I was no longer interested in doing business with them and to disregard the information that I had sent them. I hate knowing that my personal info (photo i.d. and bank statement) is floating around out there in their hands. It all seemed too suspicious for me to continue banking with them. | Finally, I decided to open an account with a competitor, Loyal 3. I’ve read numerous complaints already online concerning their practices and one complaints mirrors my own! I urge anyone reading this to save yoruself time and suspicionss and steer clear of Robinhood. They won’t be around too much longer.

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  • Name: Robinhood – Free Stock Trading
  • Country: United States
  • State: California
  • City: Palo Alto
  • Address: 3200 Ash St
  • Phone: 650-940-2700
  • Website: www.robinhood.com/
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